[xnorswap]

Among other reasons, if you allow acquisitions then you allow being taken over through a reverse takeover.

If you're a small company, then you can "acquire" a larger company which then absorbs the original company. You can fund it through borrowing against the company you're buying.

You then let the large company eat the small company despite on paper the ownership being the other way around.

[red-iron-pine]

to put a finer point on it, it means the owners don't have to dilute shares or give up control.

no new execs from acquisitions coming in, no risk of spinning off in different ways because of new blood, just organic growth

[odyssey7]

A leader with absolute authority over the company isn’t necessarily a good thing.

Publicly traded companies have accountability to more stakeholders in additional ways.

A private company isn’t necessarily better for being able to avoid that accountability.